Closing Costs Assoc. With Owner Finance?
There wouldn't be any loan points on such a deal, right? I mean you'd still have things such as lawyer fees, inspection/appraisial fees but you wouldn't have the traditional closing costs would you? Thanks in advance -BH
It all depends. I bought from a FSBO about a year ago. To close I paid $250 (my half of escrow) plus $550 (title insurace policy) for a total of $800 on a $400K multi-family.
The seller paid her half of escrow fees ($250) and had paid for her own home inspection and pest inspection prior to the transaction. She was about $800 out the door also. No appraisal was done.
10 years earlier I closed on a $32K condo and paid $3,500 in closing costs. Man, was I steamed -- live and learn...